Anyone here a Chartered Accountant?

[Language]

On a related note, how valuable is a CA for the financial sector?

For example, if someone was thinking of making a switch from accounting to finance, does a CA hold any credence if they were say, applying at private equity or investment banking firms?

[I-Hate-Hulse]

Originally Posted by stang

8 years of hell school for 80-100K

Doesnt seem worth it.

$80-100K is probably what you're at when you finish your articling. Where it goes from there is up to the individual. If you're willing to work hard and pour on the hours - it can go dramatically up.

Here's the results from last year's Salary Survey:









The first graph is probably the most telling and applicable to this conversation. That said, the original poster shouldn't look at this as some sort of easy gravy train. You will work crazy hours articling, get paid little, and generally not be coddled in your articling years. You are someones bitch, and you had better get used to it. They're paying you in knowledge and experience that you can't get elsewhere, and in turn you'd better be willing to make a sacrifice in time and money to get it.

You should also take a hard look as to whether you ACTUALLY want to be an accountant. It can of course, lead to non accounting roles, but overall you are heading into a path of numbers. Numbers that need to be reported on on a strict monthly schedule, like some sort of treadmill. Some are fine with it, but I know all too many people that look at these silly salary surveys and think it's all sunshine and roses to get big dollars. Ask any accountant - it's not.

Also keep in mind this number seem so big as CEO/CFO's salaries are lumped in here, as many of them have CA designations. That really puts things out of whack for us mere droids.

http://www.camagazine.com/archives/p...azine7741.aspx

[dustygoon]

I am one. The process has changed since I completed my UFE in 1997. I think they have "streamlined" things to make it more attractive as the profession was not getting enough applicants. The exam is still pretty rigourous. I started studying in February 1997 on evenings and weekends. I then took June, July and August off and studied 40 hours per week. I think our pass rate was around 60%.

Once you are qualified there are lots of different paths. I would say most either stay in the firm or move to a company and work up through the accounting, financial planning and analysis side. If you are mediocre and not partner material, the firm might push you out the door at around the manager or senior manager level (takes roughly 5 years to reach manager). Firms offer EXCELLENT work arrangements these days....ie sabaticals, part time, etc. They love it if you are willing to work busy season (December to April) and then take off to follow your hearts desires (travel, etc).

If you go to industry by choice or by the "push out" method, the goal there is to become a CFO some day. I am sure there are many on here that could offer a better view of working as an accountant or financial analyst at an oil and gas firm. My view is that I have never seen an industry require so many accountants as oil and gas does! Get yourself connected and join a junior and you could find yourself with a solid package of stock units.

Just like everything, higher calibre individuals accomplish more in their careers. The CA is good to fall back on, but you need to think ahead, network, and be entrepreneurial if you are going to differentiate yourself and pursue higher goals.

As soon as I qualified (pass UFE and do roughly 30 months of articling), I transfered to London corporate finance. Great opportunity that led me to join a hedge fund in London looking at companies (junk bonds, distressed debt) and deploying money. I currently am in California trying to raise money for my own hedge fund (this is why i have so much time on my hands to post on here!!!).

In terms of money......wow....huge question. When I started, I was make $25,500 like ever other jabone. High end associates and low end associates all made the same. Auditing is pretty boring and mechanical.

Later on though it is different. It is like anything in life....your career and pay are what you make of it. You could find a comfortable set up working 9-5pm and making $100k. I considered working as the mill controller for a forestry company in Nelson. I would have been set, but it would be boring living there and making $150k (at the time) plus stock options for the rest of my life. I had the option to work in the Caymen's for $100k tax free (not exciting if you ask me, but some would like that lifestyle).

If you get into investment banking ("sell side") or private equity and hedge funds ("buy side"), then the pay can be pretty nice. I worked both. I can say the ibanking side is kind of vacuous....good pay ($1m), but you are not really creating much/adding value and not near the decisions of actually investing money. I like the buy side where you decide on what to invest in. You get paid (much higher high end than ibanking) to take that kind of risk and can get launched if you whiff.

Anyway.....it is all what you make it and what you enjoy. There are lots of CA's with good careers and lots who are not much more than muppets.

[K1LLswitch]

One of the other great things about a CA, is that it is one of the few professions where you can literally go anywhere with.

Every industry gets and spends $$$, and therefore needs accountants to handle it for them. With a recent push to international standars (IFRS), you can pretty much go anywhere and have the same job and be able to apply the same knowledge that you have.

The recession is currently hammering engineers and the like because companies aren't spending $$$ on capital projects, but nothing has changed from a senior accountants perspective....you still need your controller and CFO to get the books done, and the financial statements out.

The flexibility to go into any industry, in any part of the world, and know that I will be qualified for a job with a fair bit of security is pretty appealing.